US STOCKS-Wall St rallies, S&P back above 14-day moving average

NEW YORK, Sept 24 (Reuters) - U.S. stocks jumped in a broad
advance on Wednesday, with the S&P 500 snapping a three-day
losing streak and climbing back above a key technical level in a
move that pointed to improving near-term momentum.

The day's gains were spread across industries, with nine of
the ten primary S&P 500 sectors up on the day, though healthcare
and biotechnology stocks led the gains. Housing
stocks also rose following bullish data on the sector.

The S&P posted its biggest one-day advance in more than a
month and closed above its 14-day moving average, which it had
ended under for the previous two sessions. The day's advance
continues a long-running trend of investors buying on dips.

At its session low on Wednesday, the benchmark index neared
its 50-day moving average before rebounding. If that level
continues to serve as support, it could provide a floor against
deeper equity losses. The S&P hasn't had a correction, defined
as a 10 percent decline from a peak, since 2012.

"We're having a nice bounce on the housing data, which
hasn't been very good in a while, and people are buying the
recent dip," said Tim Ghriskey, chief investment officer of
Solaris Group in Bedford Hills, New York. "This is a market that
continues to attract capital from other asset classes, because
where else can investors go for yield?"

New home sales jumped sharply in August, easing concerns
over the sector stemming from Monday's weak report on existing
home sales. The PHLX Housing index rose
0.6 percent.

Equities were also supported after a top Federal Reserve
official said at a conference that the Fed should be
"exceptionally patient" in removing monetary policy
accommodation.
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